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The rating actions came after the state agreed to assume the city's GO debt.

The New York City Housing Authority's challenges include a roughly $20 billion capital-needs backlog, federal aid cutbacks, state intervention and a worsening public perception.

Former U.S. Federal Reserve Chair Janet Yellen made a paid appearance at a forum hosted by Jefferies Group where she said she expects three to four interest-rate increases this year, Reuters reported.

Inflation is expected to grow, but remain below target, and the yield curve may invert in the next year, Federal Reserve Bank of St. Louis President James Bullard said Wednesday.

Asset valuations are stretched across a broad set of financial markets and some cryptocurrencies have witnessed “extreme volatility,” Federal Reserve Governor Lael Brainard said, though overall risks to the financial system are still low.

Federal Reserve Bank of San Francisco President John C. Williams has been selected to become president and chief executive officer of the Federal Reserve Bank of New York.

Proponents call the move the right medicine for ailing Connecticut, while opponents say the measures are overly restrictive.

Restructuring expert Michael Imber says momentum is building for such a strategy, which he says could improve the state's funding ratio.

The Federal Reserve is facing a backlash over its lack of diversity in key positions after it emerged this weekend that John Williams, the current president of the San Francisco regional branch, is a front-runner to succeed William Dudley as head of the powerful New York Fed.

The state, after multiple rating downgrades and facing budget strife, declining revenue and a pension funding dispute, plans a GO new-money and refunding sale.

While state lawmakers have approved limited use, notably for the city's housing authority, city officials want to use the method across the board.

Mnuchin will hand-deliver documents related to the loan in his first visit to the territory as a public official, he said.

In his first press conference as chair following a Federal Open Market Committee Jerome Powell stressed that “one decision” was made at the meeting: raising rates 25 basis points to a 1.5% to 1.75% target range.

The Federal Open Market Committee raised the federal funds rate target to a 1.50% to 1.75% range, as expected, while the Summary of Economic Projections still calls for three hikes this year.

They say the city’s massive capital program needs right-sizing to solve a problem that goes back several administrations.

Former Federal Reserve Chair Janet Yellen said higher interest rates will be needed to keep the U.S. economy from overheating.

The municipal bond market will focus more on the Summary of Economic Projections and the press conference, with a rate hike assumed.

Directors at the Federal Reserve Bank of New York said they had narrowed their search for the bank’s next president to a “handful of final candidates,” without naming any.

Solvency for the beleaguered unit is a tall order for the new H+H chief, given myriad challenges from within and afar.

The House has approved similar municipal securities and Puerto Rico provisions, but has wanted more sweeping bank deregulation legislation than the Senate.